First Gen hikes profits by 15% despite lower returns
Tongonan geothermal power plant of EDC, Philippines (source: flickr/penmanila)
Alexander Richter
22 Mar 2010
EDC's mother company First Gen sees hike in profits despite lower returns.
Reported from the Philippines, “First Gen reported that it earned $16.7 million last year, up by 15% from $14.5 million the previous year. Consolidated revenues decreased to $1 billion from $1.3 billion the prior year.No further details were given.
First Gen is participating in the privatization of the state’s Angat hydroelectric plant as well as the independent power producer administrator contract for the 1,200-megawatt (MW) Ilijan combined cycle power plant.
First Gen is the country’s biggest private power generator. The company has an installed capacity of 2,887.4 MW, equivalent to 19% of the country’s total capacity.
The company has long-term power contracts with listed Manila Electric Co., the country’s biggest power retailer, National Power Corp., as well as Cagayan Electric Power and Light Co., among others.
First Gen is 66% owned by First Philippine Holdings Corp. of the Lopezes, which has units in the power and infrastructure sectors.
Listed Energy Development Corp. or EDC, the country’s largest geothermal developer, is a subsidiary of First Gen. EDC unit Green Core Geothermal, Inc. bagged the 192.5-MW Palinpinon and 112.5-MW Tongonan geothermal power plants last September in an auction by the Power Sector Assets and Liabilities Management Corp. after offering $220 million.
Other companies under First Gen are First Gas Holdings Corp., Unified Holdings Corp., First Gen Renewables, Inc., Red Vulcan Holdings Corp., First Gen Hydro Power Corp., and First Private Power Corp.
Among the power plants operated by the company are the natural gas-fired Sta. Rita and San Lorenzo plants, which have a capacity of 1,000 MW and 500 MW, respectively, as well as the 112-MW Pantabangan-Masiway hydroelectric plant.”
Source: Business World Online
